M+ Morning Market Buzz - 21 Jun 24

Dow Jones: 39,134.76 pts (+299.90pts, +0.77%)
⬆️ Resistance:  40100
⬇️ Support:  37600

FBM KLCI: 1,592.69 pts (-7.10pts, -0.44%)
⬆️ Resistance:  1650
⬇️ Support:  1560

HSI Index: 18,335.32 pts (-95.07pts, -0.52%)
⬆️ Resistance:  18900
⬇️ Support:  17400

Crude Palm Oil: RM3,959 (-RM17, -0.43%)
⬆️ Resistance:  4070
⬇️ Support:  3800

Brent Oil: $85.71 (+$0.64, +0.75%)
⬆️ Resistance:  87.70
⬇️ Support:  80.30

Gold: $2,360.09 (-$0.14, -0.01%)
⬆️ Resistance:  2420
⬇️ Support:  2260

M+ Market update – 21 Jun 24
Volatility May Surge With FTSE Rebalancing

Another down day on Bursa exchange as profit taking activities still persist, but we believe the FTSE rebalancing activities could be the reason for the softer sentiment in the market. Meanwhile, the US stock markets ended mixed as the market assessed weaker economic data as building permits came in below expectations, while unemployment claims rose more-than-expectations; S&P500 and Nasdaq retreated from record highs led by the Technology sector, while the Dow ended 0.77% higher. On the commodity markets, Brent oil headed higher above USD85/bbl, while gold price gained momentum above USD2330. The CPO is still ranging along RM3900-4000.

Sector focus: Overall, the sentiment across the board is negative as sector indices are undergoing consolidation phase. However, we believe the traders will be monitoring for good entries once it is ripe for a rebound in the Technology sector which will be driven by catalysts coming from the rising demand for data center, AI and cloud services. Also, EMS players are likely on traders’ radar due to stronger earnings from VS. 

Stocks to watch: 

Technology: CATCHA, IFCAMSC, RAMSSOL
Construction: FAJAR, GAMUDA, JETSON
Property: KPPROP
Solar: SUNVIEW
Finance: BURSA

Source: M+

M+ Technical Trading Stocks - 21 Jun 24

Stock Name: JETSON (9083)
Entry: Buy above RM0.290
Target: RM0.305 (5.2%), RM0.320 (10.3%)
Stop: RM0.280 (-3.4%)
Shariah: Yes
Technical: Flag-formation breakout

Stock Name: CATCHA (0173)
Entry: Buy above RM0.405
Target: RM0.430 (6.2%), RM0.450 (11.1%)
Stop: RM0.390 (-3.7%)
Shariah: No
Technical: Monitor for breakout

Source: Bloomberg, M+

Disclaimer

The content published is solely for information and personal use only. It should not be construed to be, any advice, recommendation, offer or invitation to buy or sell any securities, futures contracts or any other instrument. Readers should seek independent advice from their own professional advisers (including legal, tax, financial and accounting) as to the risks and merits before entering into any transaction pursuant to or in reliance on any information here.

The content published above shall only be for your sole and personal non-professional use. No guarantee is given on the accuracy or completeness of the information published here. No warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of any person or group of persons acting on such information.